Kanye West confronted scrutiny after launching YZY Cash regardless of beforehand rejecting a $2 million crypto deal to keep away from scamming his neighborhood.
Kanye West ignited a frenzy Wednesday (August 20) after launching his Solana-based cryptocurrency YZY Cash, drawing backlash from critics who say the transfer contradicts his personal warnings about celebrity-backed cash.
West launched the token with an announcement on social media. “YEEZY MONEY IS HERE,” he tweeted. “A NEW ECONOMY, BUILT ON CHAIN.”
However the rollout was met with speedy skepticism from crypto watchers and longtime supporters, a lot of whom recalled West’s earlier stance in opposition to digital foreign money schemes.
Again in February, West publicly rejected a $2 million supply to connect his identify to a crypto mission, saying he wouldn’t “rip-off my neighborhood” and in addition warning that “cash prey on the followers with hype.”
That assertion resurfaced throughout social media as customers questioned whether or not West had reversed course or misplaced management of his account.
“The official Yeezy token simply dropped,” West stated in a video posted on his X (Twitter) account, straight addressing hypothesis that his account had been compromised. The publish included a hyperlink to the YZY Cash web site.
The YZY ecosystem features a trio of choices: the YZY token, a cost platform referred to as Ye Pay, and a YZY Card for spending each YZY and USDC globally. The token is now accepted on West’s official Yeezy on-line retailer as a cost technique for merchandise.
In keeping with the YZY Cash web site, the coin is “not meant to be an funding alternative” and ought to be seen as a symbolic “expression of assist.”
Kanye West Beforehand Claimed He Was Provided $2 Million For Crypto Rip-off
Nonetheless, critics drew comparisons to different celeb crypto flops, accusing West of taking part in what some referred to as a “pump-and-dump” scheme.
YouTuber Coffeezilla, identified for investigating influencer scams, highlighted West’s previous remarks. “He was supplied £2m to rip-off his neighborhood,” Coffeezilla reminded viewers, pointing to the contradiction between West’s February feedback and his present promotion.
Market response was chaotic. Forbes reported that YZY Cash skyrocketed practically 1,000% inside minutes of launch, briefly reaching a $3 billion market cap earlier than plummeting under $1 billion simply hours later.
West has not issued additional remark past the promotional video.
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